Regulatory Alerts2013-11-25
Extension of the Period for Making Inventories of ATMs and Feeding them With Cash
The Saudi Central Bank extends the mandatory physical inventory period for bank-owned ATMs from daily to a maximum of five working days, citing enhanced remote monitoring capabilities and a formal request from the Operating Banks Operations Committee. Under the new directive, banks must immediately refill ATMs when cash levels drop to 20% of total capacity and conduct immediate physical counts whenever customer complaints or claims arise, regardless of standard operational schedules. All affected institutions are required to implement these measures and submit a compliance report to the Authority within one month of the circular's issuance.
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